Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 5.3% – What’s Next?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) rose 5.3% during trading on Tuesday . The company traded as high as $4.05 and last traded at $4.0660. Approximately 214,747 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 1,034,705 shares. The stock had previously closed at $3.86.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CTKB. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th. Stephens cut their target price on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Finally, Morgan Stanley reduced their price target on shares of Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cytek Biosciences presently has a consensus rating of “Hold” and an average price target of $5.69.

Cytek Biosciences Trading Up 4.5%

The company has a fifty day moving average price of $4.19 and a two-hundred day moving average price of $4.57. The firm has a market cap of $521.08 million, a P/E ratio of -7.08 and a beta of 1.19.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%.The company had revenue of $44.13 million for the quarter, compared to analyst estimates of $44.23 million. As a group, sell-side analysts expect that Cytek Biosciences, Inc. will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in Cytek Biosciences by 394.4% in the 1st quarter. AQR Capital Management LLC now owns 653,277 shares of the company’s stock worth $2,620,000 after purchasing an additional 521,135 shares during the period. Jane Street Group LLC lifted its holdings in shares of Cytek Biosciences by 412.2% in the first quarter. Jane Street Group LLC now owns 344,169 shares of the company’s stock valued at $1,380,000 after purchasing an additional 276,972 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Cytek Biosciences during the first quarter worth about $162,000. Strs Ohio acquired a new position in shares of Cytek Biosciences during the first quarter worth about $105,000. Finally, Creative Planning grew its holdings in shares of Cytek Biosciences by 455.4% during the second quarter. Creative Planning now owns 55,677 shares of the company’s stock worth $189,000 after buying an additional 45,652 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Company Profile

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.